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LLQP (Harmonized 2017) > Acronyms & Definitions > Flashcards

Acronyms & Definitions Flashcards

1
Q

A+S

A

Accident and sickness

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2
Q

ACB

A

Adjusted cost basis

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3
Q

AD+D

A

Accidental death and dismemberment

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4
Q

ADLs

A

Activities of daily living

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5
Q

APL

A

Automatic premium loan

  • could pay loans while you are off/recovering
  • can be paid back in full once you are back to work
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6
Q

APS

A

Attending physicians statement

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7
Q

ASO

A

Administrative services only

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8
Q

BOE

A

Business overhead expense insurance

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9
Q

Cash Flow

A

Statement covers a certain period of time

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10
Q

CCPC

A

Canadian controlled private corporation

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11
Q

COB

A

Coordination of benefits

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12
Q

CI

A

Critical illness

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13
Q

COLA

A

Cost of living adjustment

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14
Q

CPI

A

Consumer price index

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15
Q

CPP

A

Canada pension plan

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16
Q

Creditor Disability Insurance

A

ie- mortgage insurance
- pays loan out and nothing more

Type- group (1yr term)
Policy holder- creditor
Beneficiary- creditor
Life Insured- borrower

Limited underwriting
Disability def: total disability/ any occ

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17
Q

DI

A

Disability insurance

18
Q

EAPs

A

Employee assistance plan

19
Q

EHTs

A

Employee health trusts

20
Q

EI

A

Employment insurance

21
Q

ESDC

A

Employment and social development Canada

22
Q

ETP

A

Exempt test policy

The notional test policy used to determine MTAR (maximum tax actuarial reserve)

23
Q

FPO

A

Future purchase option

24
Q

GIO

A

Guaranteed insurability option

25
Q

HELOC

A

Home equity line of credit

26
Q

HWTs

A

Health and welfare trusts

27
Q

Individual Policy TYPES

A

1- Non-Cancellable
(Non-Can)(non-can + guarentted)

2- Guaranteed Renewable

3- Cancellable

28
Q

LTC

A

Long-term care

29
Q

LTD

A

Long term disability

30
Q

MIB

A

Medical information bureau

31
Q

Net worth

A

Net worth =
Assets - liabilities

On a specific date

32
Q

QPP

A

Quebec pension plan

33
Q

QPIP

A

Quebec provincial parent insurance plan

34
Q

RDSP

A

Registered disability savings plan

35
Q

RFQ

A

Request for quotes

36
Q

ROP

A

Return of premium

36
Q

RRSP

A

Registered retirement savings plan (accounts)

38
Q

STD

A

Short term disability

39
Q

WCB

A

Workers compensation board

40
Q

GIB

A

Guaranteed insurability benefit

41
Q

MEPP

A

Multi employer pension plan

LLQP (Harmonized 2017) (3 decks)

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